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Beijing to allow UK firms to sell GDRs

China will allow companies listed on the London Stock Exchange to offer global depositary receipts on the Shanghai bourse, according to a report in the Hong Kong Economic Journal. The government will announce the plan, which will also see as many as 10 Chinese firms listing their GDRs at the LSE in September, the report said, citing fund managers briefed by Chinese mainland regulators. The program will be unveiled during the Group of 20 meeting in Hangzhou, along with plans to reform the financial regulators and cancel foreign investor quotas in the domestic bond market.

Coal consumption to hit 4.3b tons in 2020